Down Payment Calculator

Type a home price and a down payment — as a percent or a dollar amount — and instantly see your loan size, whether PMI likely applies, and exactly how much cash you still need to save.

📖 How it works & FAQ

Home price ($)

Down payment

Entered as

Est. closing costs (% of price)

Saved so far ($)

How the down payment math works

Your down payment is the cash you bring to the purchase; the loan covers the rest. Enter the home price, then your down payment as either a percent of the price or a straight dollar amount — the calculator converts between the two when you flip the “Entered as” selector. Down payment = price × percent (or the dollar figure you typed), and loan amount = price − down payment. Everything updates live as you type, and nothing you enter leaves your browser.

Why 20% is the magic number for PMI

On most conventional mortgages, putting down less than 20% means the lender adds private mortgage insurance (PMI) — typically 0.3%–1.5% of the loan per year — until you build about 20% equity. The PMI card flags “Likely” whenever your down payment is under that threshold. Plenty of buyers still choose a smaller down payment (conventional loans allow 3%, FHA 3.5%) and simply budget for PMI, so treat the flag as a heads-up, not a verdict.

Don’t forget closing costs

The cash you need on closing day is more than the down payment. Closing costs — lender fees, title, escrow, prepaid taxes and insurance — usually run 2%–5% of the price. The “Cash to save” card adds your editable closing-cost percentage on top, and “Still to save” subtracts what you’ve already put away, giving you a concrete savings target.

How to use it

Enter the home price you’re considering.
Type your down payment and pick whether it’s a percent or a dollar amount.
Adjust the estimated closing-cost percentage if you have a better local figure.
Add what you’ve saved so far to see how much is left to save.

FAQ

Do I really need 20% down?: No. Conventional loans go as low as 3% down and FHA loans 3.5%. Below 20% you’ll usually pay PMI, but many buyers accept that to buy sooner.
How much is PMI?: Commonly 0.3%–1.5% of the loan amount per year, paid monthly. It typically drops off once you reach about 20%–22% equity.
Is a bigger down payment always better?: It lowers your loan, monthly payment and interest, but draining your emergency fund to hit 20% can backfire. Keep a cash cushion after closing.
Are closing costs included in the down payment?: No — they’re separate. That’s why the “Cash to save” card adds them on top of the down payment.

Estimates only — not financial, tax, insurance, or legal advice. Confirm actual figures with your lender.